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Leader (1850-1860), 13th November 1858, Edition 1 of 2, Page 1235, Untitled Article

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      Untitled Article

      Tea . — Transactions have been wholly confined to the nubile sales which commenced yesterday . The total Wight forward was 39 , 413 pkgs .. Of tlese 2237 pkgs . were Assam , which sold with spirit at full prices . The China teas , on the contrary , met a very indifferent competition , there being scarcely a bid for any but those Catalogued " without reserve . " Prices ivere veryirregular , but generally in the . buyer ' s favour . Of 20 , 000 pkgs . which have passed the sale , 5000 have sold ; 19 , 000 pkgs . remains to be brought forward on Monday . The stock of tea in the Kingdom , on the 1 st inst . was 66 , 224 , 000 lbs . against 73 , 514 , 0001 ^ . last ; year- an d the quantity afloat , 9 , 835 , 000 lbs . against 11 , 177 , 000 lbs .

      Untitled Article

      CITY , Fuiday Evening . The Bank directors made no alteration in the rate of discount on -Thursday , and this determination was passed over without comment , particularly from that section of the press which has been loudest in its vituperation of the conduct of the directors in declining to yield to interested clamour and resolving-to adhere to a policy which is now admitted to have been founded on sound principles , and to have exhibited great foresight and prudence . We shall hear iio more from this quarter about the Bank refusing to do business at the " market rate , " the fallacy on which such abuse was based having become perfectly and satisfactorily apparent .

      150 , 000 ? . At the same time , the most strict measures are enforced to prevent any exportation of coin . The preliminary prospectus is issued of a new project , entitled the " Palace of the People . " The idea is to erect on Muswell-hill a kind of " Crystal Palace' ] for the inhabitants of the north of London , but the objects set forth , are to be , attained at " less than one-half of the cost of the Crystal Palace atSydenham . " We shall give attention to this project in order to ascertain whether capitalists can safely support it . Advices from Constantinople state that the funds hitherto received by the Turkish Government on account of the recent loan have been employed in redemption of proportionate amounts of the paper currency , which will be duly burnt from time to time . the

      It has been stated that another large call upon shareholders of the Western Bank has been resolved upon . We are authorised to state that the rumour referred to has no foundation whatever . The last call of 100 / . per share has already produced about 900 , 000 / . As regards the reported discoveries of gold in the province of San Luis , in Buenos Ayres , it is perhaps requisite to receive with caution the statements circulated on the spot . The rates of exchange from Calcutta and China show a fresh advance . At Calcutta it is equal to about 1 per cent . ; at Shanghai to about l £ ; and at Canton £ per cent . The amount of silver to be despatched to India and China by the packet of the 20 th inst ., in some quarters is supposed -will exceed 400 , 000 ? .

      Considerable sensation has been occasioned at Vienna by a decision of the I 3 ank not to discount until further notice any bills but those drawn and accepted within the Austrian dominions . The aim of the Bank is evidently to discourage all attempts on the part of foreign markets to draw back the silver which has been so laboriously piled up in the Bank . The quantity of gold brought into the country this week is nearly three-quarters of a million . About as much more is known to be en route from various places . The exports of gold have borne no proportion to the receipts , though the quantity sent out shows that a growing demand for gold for export is manifesting itself . -

      The demand for silver for the East is becoming lively . This is to be expected ; but we hav tno fear that " Europe will soon feel a dearth of this precious metal if the efflux is not checked . The Bank of France return for the month ending Thursday has been published . The changes it presents are important , showing' that the demand for discount accommodation has sensiUl . v Increased . A larger quantity of commercial bills have been discounted , and loans on public securities have been iucreased . Gold has been withdrawn , but the total still amounts to 21 , 056 , 624 ? ., a falling off of 918 , 392 / .

      As far as concerns , 'the money market , there is very little of real importance to communicate . At the beginning of the week there was a disposition in the money market to show weakness . The price of Consols receded about half per cent ., but on Wednesday a rally took place in consequence of information from Paris that the Emperor had resolved to reduce the army , thereby giving to Europe a o-uarautee of his peaceable views . It must also abroad

      be borne in mind that an impression got that certain large operators here and on the Continent had entered into combination to support prices . This gave an impetus to the market , and sent up prices all round . Not only ; the money market but the share markets were , alike affected , and from the confidence with which business was transacted , and the bustle that occurred , an augury is not unreasonably drawn that further improvement will take place next week . occurred to

      We have taken opportunities as they warn enterprising capitalists of the risk they would be likely to run by embarking hastily in new projects already launched , and ready to be launched on the money market . We have the satisfaction of knowing that our cautions have not been altogether withouf effect . We now call attention to the Suez Canal scheme of M . de Lesseps , We do not hesitate to say that this would prove a very dangerous and doubtful undertaking for English shareholders . We put oufc of si S llfc the Question of the unpatriotic character of the for English shareholders . We put oufc of sl S llfc the question of the unpatriotic character of the

      project , which lms been clearly and boldly pointed out by Lord Palmerston . We look at it solely in a paying point of view , and in its character as an investment for British" capital . Wo have not a doubt on the subject . Wo think tho project can never , from its own resources , yield n . profit for outlay , and , further , wo have not tho least doubt , if Englishmen embarked in it , that they would find they had littlo or no control over their property , and that tho terms of tho concession and the general rules of management would shut them out of all influence or weight iu the direction of affairs . " A nroicct of a different

      complexion is the now Indian Railway . India wants railways , and an efficient railway system is essential not onl y to tho prosperity of India , to tlio development ot its vast rcsourcos , but to tho maintenance of our supremacy in that vast and populous region . Communications have boon received on tlie conduct of tho Government of tho colony of Victoria in dishonouring their guarantee on tho Goelong . and Melbourne Kailway . In about a month or six weeks an attempt will bo inado in tho London markot to commence putting into circulation tho first consignment of about 1 , 000 , 000 / . or l , 500 , 000 f . of the 6 , 000 , 000 / . of debentures to bo issued by tho colony during tho next fow yoare for

      railway purposes , and at that period tho subject may again perhaps bo brought forward with advantage to tho public . Accounts from Vienna describe a bettor fooling on the Ejcohange , the bank having paid in silver rather a largo number of notes of X 000 guilders . Tho total disbursed n upoole is said , already to have amounted to more than

      Untitled Article

      BANK OF ENGLAND . A . n Account , pursuant to tho Act 7 th and Sth Victoria , cap . 32 , for tho week ending on Wednesday , the 3 rd day of November , 1858 . ISSUE DEPARTMENT . £ i ¦ £ Notes isauod 32 , 310 , 110 Government debt .. 11 , 015 , 100 Other securities ... 3 , 450 , 000 Gold coin and bullion I 7 i 841 , 415 Silver bullion de 32 , 31 C , 415 £ 32 , 310 , 115 BANKING DEr ^ ttTilENX . £ . A , Proprietors ' capital 14 , 553 , 000 Gorornxnont secullost 3 , 140 , 002 ritios ( including Public deposits ( ju- Dead Weight Aneluding Excho- wtuty ) 10 , 808 , 591 quer . Conimission- Other Securities . 14 , 007 . 722 ors of National Notes 11 , 327 , 380 Debt , Savings' Gold and Silver Banks , and Divl- Coin 001 , 412 dead Accounts ) .. 0 , 073 , 581 Other deposits ... . 12 , 21 ) 0 , 082 Sove-n Day & othor Bills 837 , 700 . £ 37 , 430 , 105 £ 37 , 400 , 105 M . MARSHALL , Chiof Cashier . Dntod tho 11 th day of November , 1808 .

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      FltOM THE LONDON GAZETTE . Tuesday , November 9 . BANKRUPTS . Jamks ltussErx , jun , Aldersgato-streot , stationer . Geouo . ii ) Hunt , Southampton , trunk-maker . VnumsiuoK Chakles Dlatnis-jt , Warwick-square , City , booksollor . Isaac Samukj ^ s , Gravcsond , loathor seller . Thomas AVaitb , Tunbridgo , saddler , John Sximc , TVolvorhamptoii , commission agent . William Adamb , Exeter ,, glove manufacturer . William Moohjc , Bradford , Yorkshire , innkeeper . SCOTCH SEQUESTRATIONS . William Cooiiran , Kilmuniock , tanner . Ant * . Fuhouson , Glasgow , manufacturing jeweller , Swawwick nod Mulliiu Glasgow , aoauntaaion agents .

      George Parker , Airdrie , lieutenant in the 1 st Roy Lancashire Militia . James Brown , Glasgow , merchant . Alexander Laird , Motherwell , innkeeper . James Waterston , Edinburgh , Wine merchant . Friday , QTovember 12 . BANKRUPTS . Charles James Francis and Henby Fbeeb , Gres Saint Helens , wine-merchants . Thomas Palmer Branson , Loughborougb , Leicester shire , grocer . Emmanuel Marie Manghin , Exeter , tailor and drapei Joseph Barnes , Chippenham , Wiltshire , coal merchant Charles Collins and Wm . F . Collins , Sloane-street Chelsea , drapers . Edward Hale Hogg , North Shields , shipowner . Job M ijijiack Smith , Lincoln , draper . James Hunter Livingston , High-street , Whitechape ] licensed victualler . Thomas Hemingslev , Willenhall , Staffordshire , cu nail manufacturer . Robert Clayton , Deansgate , Manchester , boot an < shoe maker . Thomas Livingston , Homerton , Middlesex , licensee victualler . Richard Thomas , Conwav , Carnarvonshire , shij builder . SCOTCH SEQUESTRATIONS . Parrocic and Dawson , Glasgow , clothiers . Daniel Meszies , Dunfermline , grocer . Kobert Nesbitt Riddell , Fort William .

      Untitled Article

      Anglo-German Submarine Telegraph . —The laying of the electric cable , joining England to Germany by the North Sea , being 300 miles long , was successfully accomplished on the Hanoverian coast on Saturday . Projected Anglo-Tunisian Bank . — It appears from a Tunis letter that considerable jealousy exists among the French there about a bank which some English speculators from Gibraltar propose to establish , and to call the " Anglo-Tunisian Bank . " The French have no objection to the bank , but they don ' t like the name . The French element , they say , predominates in the

      trading of Tunis , and it is . not fair that a bank intended to serve the commerce of all nations should be inaugurated under the exclusive patronage of England . The Bey has issued a circular announcing the formation , of the undertaking . The return , to Tunis of M . Roches , the French consul , was expected on November 4 , who , it is said , has so much influence with the Bey , that wlienever uuy jjiuJccl . la suDmuua tu Ula Highness his constant answer is , " Yes , it is good , " but he instantly adds , " Inch . Allah ( if God wills ) , " and he only adopts the designs of Providence after having consulted the Frenchman .

      Tub Isthmus of Suez Scheme . —Prince Napoleon ' s name appears at the head of the subscription list for carrying into effect M . Lesseps ' s scheme , which undertaking has been lately puffed to an enormous extent . Saturday was the first day of the public subscription ia Paris . The report that the English Government has withdrawn its opposition to the project is , without doubt , untrue . Postal Subsidy to the Gaiavay Link . — Lord Bury has concluded the terms of a subsidy with

      Newfoundland and the Imperial Government conjointly for that colony . It is understood that this commencement has been made on the most liberal scale , and we have reason to believe that the future operations of Lord Burj- with the remaining colonies will be conducted to a similar issue . It may , therefore , be considered that the Atlantic Royal Steam Navigation Company is now in a position to compote with all , or any , lines of transatlantic steamers . Lord Bury ia at present negotiating with the United States Government and the rest of tho

      North American provinces . Hop Duty . —On Friday a meeting of hop-planters was held at Tunbridge-wells , tho Hon . H . Brand , M . P ., in the chair . After some discussion , it was agreed unanimously that a memorial should be presented to tho Chancellor of tho Exchequer in favour of a total repeal of tho excise duty , and a deputation , which all tho Sussex Monibers of Parliament "will be invited to join , will present it at the earliest convenient opportunity . Amenmiiust op tub Bankruptcy Laws . —On Mond ' ay a mooting of City merchants was held at the London Tavern , Bisuopsgatc-streot , to consider tho Bankruptcy Bills introduced by tho Lord Chancellor and Lord John Russell during the last session of Parliament , and to

      try to obtain a satisfactory amendment of tho bankrupt laws . Mr . J . Russell , secretary to tho Mercantile Law Amendment Society , explained tlio nature of the two bills abovo mentioned ; and Mr . Samuel Morloy , after commenting on tho propositions put forward in the two bills , moved that a committee bo appointed to consider , with ospeoiul regard to the interests of tho inoroaiitile community , tho two bills thus introduced , and to report on tho general subject of bankruptcy and insolvency to a public meeting to bo held ou a future day . I no motion w « b carried num . con ., and thanks to tho chairman closed iho proceedings . „ . Austhauaw Vws ,-Tho AddaUh Observer refers in a touo of exultation to tho prospects of the culture of

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      MONEY MARKET AND STOCK EXCHANGE .

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      » m art November 18 , 1858 . 1 T HE LEADER , 1235

  • Citation
    • Leader (1850-1860), Nov. 13, 1858, page 1235, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2268/page/27/